WANdisco raises £13.6m from share placing

Sheffield-headquartered WANdisco, the live data company, has raised $17.5m (£13.6m) through a share placing.

The proceeds of the placing of 2.4m shares will be used to support its relationships with strategic cloud partners and provide growth working capital.

Each of the Subscribers has contractually agreed to a lock-in with WANdisco so they cannot dispose in the next 12 months.

WANdisco also updated the markets on its performance for FY18. It said revenues were expected to be in line with Board expectations. WANdisco added: “The Company had a strong end to the year winning contracts across a variety of end-markets and partners, including through Microsoft, IBM and Amazon Web Services. Increasingly, these contracts are subscription based, with the opportunity to scale the annualised value of recurring revenues over time. The Company anticipates a cash balance of approximately $10.7 million, as at 31 December 2018.”

David Richards, Chief Executive Officer and Chairman of WANdisco, said:“In 2018 we planned to expand our partner ecosystem and fully leverage the power of this sales model, while carefully controlling our costs. Our momentum in the second half has continued into January and our sales pipeline is the largest in the company’s history. All of which, gives me confidence in our prospects for 2019 and beyond. The $17.5 million placing announced today is an excellent example of the Group’s momentum, providing us with additional funding to leverage a number of significant opportunities to expand our existing partner relationships.”